Neste, the Finnish oil refining company, is taking a giant leap forward in its journey towards sustainability. The company has announced that it is moving into the basic engineering phase of its 120 MW green hydrogen project at its Porvoo refinery, located in Southern Finland. The investment decision readiness is expected to be reached in early 2024, and if all goes according to plan, green hydrogen production could start in 2026.
Neste's 120 MW green hydrogen project is one of the largest development projects of its kind in the European refineries. The project aims to support Neste's goal of transforming the Porvoo refinery into the most sustainable refinery in Europe by 2030. The green hydrogen produced would primarily be used in the refinery's processes, replacing hydrogen produced from fossil feedstocks.
Markku Korvenranta, Executive Vice President of Oil Products at Neste, said, “Our project is one of the largest development projects to produce green hydrogen in the European refineries and it supports our goal to transform the Porvoo refinery to the most sustainable refinery in Europe by 2030. The green hydrogen would be primarily used in our Porvoo refinery's processes, where it would replace hydrogen produced from fossil feedstocks.”
Neste's green hydrogen project is a testament to the company's commitment to sustainability. As the world transitions to cleaner energy, companies like Neste are taking bold steps towards a greener future. By investing in green hydrogen, Neste is not only reducing its carbon footprint but also setting an example for other companies to follow.
In connection with the 120 MW green hydrogen project, Neste has also started a preliminary study with Porvoon Energia on the utilization of renewable heat in district heating. Porvoon Energia is a regional Finnish energy company that focuses on heat and electricity production and distribution, as well as the development of the electricity network.
Neste's green hydrogen project is an exciting development for the future of sustainable energy. As Markku Korvenranta said, “Our project is a great example of how we can drive change towards a more sustainable future.”
The world needs more companies like Neste that are willing to take bold steps towards a greener future. With the right investments and initiatives, we can create a world that is cleaner, healthier, and more sustainable for generations to come.
